The Effect of Uncertainty of Future Benefits from R&D Outlays versus Capital Expenditures
碩士 === 國立東華大學 === 企業管理學系 === 95 === This paper uses the regression models developing by Kothari, Laguerre and Leone (2002) to compare the uncertainty of future benefits from research and development (R&D) expenditure versus capital expenditure. The standard deviation of future earnings (income b...
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ndltd-TW-095NDHU51210962019-05-15T19:47:46Z http://ndltd.ncl.edu.tw/handle/ek2ad3 The Effect of Uncertainty of Future Benefits from R&D Outlays versus Capital Expenditures 研究發展支出與資本支出對企業未來盈餘不確定性之影響 Hui-Chan Huang 黃慧展 碩士 國立東華大學 企業管理學系 95 This paper uses the regression models developing by Kothari, Laguerre and Leone (2002) to compare the uncertainty of future benefits from research and development (R&D) expenditure versus capital expenditure. The standard deviation of future earnings (income before tax) is employed as a proxy for the uncertainty of future benefits. R&D expenditure, capital expenditure and advertising expenditure are explanatory variables, and total assets and financial leverage are as control variables. The main purpose of this study is to provide direct evidence on the relative degree of uncertainty of future earnings attributable to current R&D investments and to current capital expenditure. The empirical findings show that R&D investments generate more uncertain future benefits compared to capital expenditures. It is supported empirically that accounting for R&D expenditure may adopt expense method due to the higher uncertainty of future benefit. Similar results are found from four robustness checks. The result shows, except the traditional industries, R&D investments generate more uncertain future benefits compared to capital expenditures. Der-Fen Huang 黃德芬 2007 學位論文 ; thesis 96 zh-TW |
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碩士 === 國立東華大學 === 企業管理學系 === 95 === This paper uses the regression models developing by Kothari, Laguerre and Leone (2002) to compare the uncertainty of future benefits from research and development (R&D) expenditure versus capital expenditure. The standard deviation of future earnings (income before tax) is employed as a proxy for the uncertainty of future benefits. R&D expenditure, capital expenditure and advertising expenditure are explanatory variables, and total assets and financial leverage are as control variables. The main purpose of this study is to provide direct evidence on the relative degree of uncertainty of future earnings attributable to current R&D investments and to current capital expenditure.
The empirical findings show that R&D investments generate more uncertain future benefits compared to capital expenditures. It is supported empirically that accounting for R&D expenditure may adopt expense method due to the higher uncertainty of future benefit. Similar results are found from four robustness checks. The result shows, except the traditional industries, R&D investments generate more uncertain future benefits compared to capital expenditures.
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author2 |
Der-Fen Huang |
author_facet |
Der-Fen Huang Hui-Chan Huang 黃慧展 |
author |
Hui-Chan Huang 黃慧展 |
spellingShingle |
Hui-Chan Huang 黃慧展 The Effect of Uncertainty of Future Benefits from R&D Outlays versus Capital Expenditures |
author_sort |
Hui-Chan Huang |
title |
The Effect of Uncertainty of Future Benefits from R&D Outlays versus Capital Expenditures |
title_short |
The Effect of Uncertainty of Future Benefits from R&D Outlays versus Capital Expenditures |
title_full |
The Effect of Uncertainty of Future Benefits from R&D Outlays versus Capital Expenditures |
title_fullStr |
The Effect of Uncertainty of Future Benefits from R&D Outlays versus Capital Expenditures |
title_full_unstemmed |
The Effect of Uncertainty of Future Benefits from R&D Outlays versus Capital Expenditures |
title_sort |
effect of uncertainty of future benefits from r&d outlays versus capital expenditures |
publishDate |
2007 |
url |
http://ndltd.ncl.edu.tw/handle/ek2ad3 |
work_keys_str_mv |
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